MSBA Announces $33 Million Approval for Repair/Renovation Project at Assabet Valley Regional High School

November 16, 2011

MSBA Announces $33 Million Approval for Repair/Renovation Project at Assabet Valley Regional High School

MSBA Board votes to contribute up to $33,099,495 towards the renovation/repair of the school

State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and Katherine Craven, MSBA Executive Director, today announced that the MSBA Board of Directors voted to approve funding for a repair and renovation to Assabet Valley Regional High School. One of the next steps is for Assabet Valley and the MSBA to enter into a Project Funding Agreement which will detail the project’s scope and budget and set forth the terms and conditions under which the District will receive its grant from the MSBA.

Assabet Valley Regional High School is 367,565 square feet and serves 1,000 students. The MSBA will be contributing up to 53.48% of eligible costs for a total grant of up to $33,099,495 towards the project. Repairs will include upgrades to multiple building systems including roof, electrical, plumbing, windows, HVAC, and lighting. The scope of work will also include renovations and upgrades to the existing science lab classrooms.

“This is a great day for the Assabet Valley community, students of the high school, and the MSBA. I am pleased that the MSBA Board approved this grant of $33 million. We have collaboratively worked together and now we have plans for an efficient, sustainable, affordable and much improved high school that will save not only local taxpayers but also taxpayers state-wide,” said State Treasurer Steven Grossman.

“Renovations and repairs to the high school will address facility deficiencies and core academic science lab classrooms,” stated Katherine Craven, MSBA Executive Director. “This project will undoubtedly enhance and improve their ability to excel in the classroom.”

The MSBA strives to find the right-sized, most fiscally-responsible, and educationally-appropriate solutions to create safe and sound learning environments. In its six year history, the MSBA has made more than $8 billion in reimbursements to cities, towns, and regional school districts for school construction projects. These timely payments have saved municipalities over $2.9 billion in avoided local interest costs and have provided much needed cash flow to communities in these difficult economic times.